Mansion Group keeps steady progress after restructure
STUDENT property firm Mansion Group has made a pre-tax profit of £1.74m, in the eight months since it changed its year end to December, following a restructuring of the group.
The Manchester-based group, which employs around 25 staff, acquires, refurbishes and asset manage student properties.
Following the credit crunch it has changed its strategy from targeting rich individual investors through buy to let marketplace to offering properties to investors through student property funds.
Newly filed accounts show pre-tax profit was £1.74m for the eight months to the end of December 2009, (12 months to April 2009: loss of £4.31m), somewhat down on the £2.2m to £2.3m predicted in the company’s previous set of accounts.
However a previously unaudited turnover figure of £32.2m for the period was confirmed, up from the £16.7m made in the previous 12 months. Operating profit stood at £2.26m, against a loss of £2.89m.
Chief executive Shankar Ramanathan the results “firmly places” the group in a very strong trading position for the 2010 financial year.
He added: “Key activities for the coming year are based around continuing the growth as the property advisor and property manager to the Mansion Student Accommodation Fund, the launch of new currency classes such as the US dollar and euro to support additional income opportunities and to act as the property advisor to other distribution channels, enabling The Mansion Group to become a multifaceted business.”
The company reduced its cash deficit to £2.14m during the period, from £3.47at the end of April 2009. Mr Ramanathan told TheBusinessDesk in March that the company would move to a cash positive position towards the end of 2010.
